Key observations for milk prices based on our discussions with dairy companies and channel checks are: (1) wholesale milk prices have risen YoY in Aug’23; (2) there is a steady deceleration in milk price inflation in south India; inflation has declined from 12.8% in Dec’22 to 9.6% in Aug’23 (but inflated on MoM basis); (3) milk procurement prices are likely to remain stable/ slightly lower till end of CY23.